A: Investors who were infatuated with Apple stock appear to be shifting over to Google (GOOG).

Just last year, when Apple (AAPL) could do no wrong in the eyes of investors, shares of the gadget maker soared to an all-time high of more than $700 a share. Since then, the stock has plummeted more than 35% including a 15% decline this year.

Meanwhile, shares of the newest darling, Google, are up 20% this year. Investors have grown increasingly bullish on the online advertising firm as it successfully defends its online search monopoly and is leveraging it to dominate other areas, including mobile.

Shares of Google are now trading around $815 a share, and all eyes are on the $1,000 mark. Getting there, though, isn't going to be easy. Google already has a P-E ratio of 25 times trailing earnings, which is nearly double that of the market. Meanwhile, the stock is already at fair value according to the discounted cash flow analysis by NewConstructs.

All this means that Google will need some big positive surprises on the earnings front to get it to $1,000. That's not to say it won't happen, but Google is hardly an overlooked stock, making future stock gains that much more difficult.